26 Mar 2011
SBI Phnom Penh Securities Co, Ltd. has been appointed by the Ministry of Economy and Finance of Cambodia to lead manage an initial public offering of Cambodia's state-owned Sihanoukville Autonomous Port ("PAS"), the company said in a press release.
The IPO will be launched when the stock exchange becomes operational, expected to be this summer. It is the first time a Japanese-backed company has been involved in a Cambodian IPO.
As a lead managing underwriter for the IPO, SBI will contribute to the growth of the Cambodian capital market through assisting PAS in its listing, and will also conduct sales of the underwritten stocks in Japan in conjunction with subsidiary SBI Securities Co, the company added.
With a gross throughput of 1.87m tonnes, Sihanoukville's main business is defined as the development and management of Sihanoukville's Special Economic Zone which includes Cambodia's only deepwater international port. The port is one of three major state companies that the government is planning to list, reportedly in the course of this year.
The SBI Group established the Phnom Penh Commercial Bank Limited in September 2008 with its investment of 40% of the bank’s shares, and will now endeavor to contribute to Cambodia’s economic development in both the banking and securities sectors. The SBI Group will continue the overseas development of its financial service businesses, primarily in the Asian emerging countries.